The Pension War Room wants you to know that Drew Barnes is an idiot in the same vein as Trump; populist economic policy combined with a healthy dose of xenophobia. This is a paid ad gussied up to look like a national post article. #ABLeg…
This is the new thing in print "journalism". The @nationalpost will print anything for money and have no qualms about passing it off as an article.

This advertisement-article was paid for by a PAC that was set up to skirt political financing law in AB. #ABLeg
It returns to @jkenney favorite, and,as yet unstudied desire to withdraw from CPP and form an APP.
The errors are many, but considering that we are currently paying millions to have this stupid idea researched, Drew is really tipping his hand here. #ABLeg
I don't have the patience to go through everything:

1. "An APP would deliver “same or better” results for Alberta’s pensioners" Nope.

It might be able to AT A MUCH HIGHER COST. #ABLeg That is a worse result.
2. "There’s been a lot of interest recently in the creation of an Alberta Pension Plan (APP),..."

Nope. in fact polls show the majority of Albertans dead set against it. #ABLeg
3. "The CPP has been demanding larger and larger contributions from each Albertan’s paycheque over the years to keep the plan solvent. The contribution rate is currently set at 10.5 per cent...."

Read this summary by an actual pension expert:…
Ambachtsheer is a highly regarded pension expert. His conclusion is that no money would be saved at all because of the greater risk of a smaller plan and the hundreds of millions in set up costs. #ABLeg

Drew, the math is complicated, but it don't lie.
4. "A report by the Fraser Institute..." Stop right there, the much discredited Fraser Institute that is the mouth piece of the moneyed. That is the only "research" sighted in the advertisement. #ABLeg

Real experts here would be actuaries.
In actuality Fraser is opposed to any kind of a national pension scheme.

5. "The Constitution of Canada allows each province the option of leaving the CPP and establishing its own provincial pension plan."

True #ABLeg

But not one has done so because it is a stupid idea.
(The QPP was separate from the beginning.)

6. "Alberta’s population will likely shift slightly older in the future." Tru dat. And there goes the advantage that Drew is trying to exploit. #ABLeg

This is a scheme for grey haired AB to rip off the next gen.
The UCP have proven to be not very good with money. A government that has $1.7 billion of omissions and material misstatements in its books has serious problems.

Never mind the perennial under performance of AIMCO that would be charged with investing the money. #ABLeg
Ambachtsheer also believes that the GOA would meddle in the investments as well. This creates another risk.

Given that AIMCO's sole shareholder is the GOA it is not hard to see inappropriate influence exercised. #ABLeg
"Keeping billions of dollars inside the province would allow the province’s pension fund managers to invest, where prudent, in Alberta businesses or in businesses that support Alberta’s economy."


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More from @yomeeks

10 Nov
This is your daily pension announcement! I was going to spend today's installment educating about "material misstatements" and other things that would get a corporate exec fired. No need just read this..... #ABLeg
I have said before, and I say again, Travis is financially incompetent. He is not able to understand the concept of risk adjusted rate of return. Or, the idea that a pension fund with a higher return might cost you less in the long run.
Just the mere thought that some bush league tricks would fluff up the the dire UCP financial performance and outwit the AG is ridiculous.

Capitalists never do socialism well. It only ends up as graft for cronies. Sturgeon refinery needs its own inquest. See toryland. #ABLeg
Read 4 tweets
8 Nov
Just so you know I will be retweeting this interview every day. @SPhillipsAB is on 🔥🔥. Parallels in pension policy can not be ignored. No research or shoddy research behind multi-billion dollar decisions. The CPP advice that Exec Council got quotes seriously flawed Fraser Inst.
Travis: "We have a detailed business case prepared to support moving pension asset management to AIMCO." (Neglecting the fact that they are not his assets to move in the first place.)

FOIP release: A marketing brochure written by AIMCO.

Then, since no civil servant was charged with an actual analysis (as they very likely substantially disagreed) Travis and Athana sent it out to some mook in BC named Peter Milburn for a positive opinion. #AbLeg

(Athana came from BC and worked with Peter back in the day.)
Read 4 tweets
8 Nov
The Pension War Room™️ wonders if the AB plutocrats have taken any lessons from the election down south...

I won't comment too widely, people more skilled than me are engaged in the Trumpian autopsy.

Hey Jason the Keystone people are calling... #ABLeg #canwegetourmoneyback
The truth has to matter.

Politicians who stake their lot on populist rhetoric seem to be at odds with the most basic of facts. Dates, time, places and the like. And turn everything into an "us versus them" dichotomy. #ABLeg
Making public policy based on the latest Fraser Institute half-truth is not good. It might get you elected; it won't get you reelected.

We even have our our own Rudy Giuliani cosplayer in Jack Mintz. Where will our Four Seasons Landscaping be? #ABLeg In a feedlot somewhere?
Read 6 tweets
7 Nov
The Pension War Room™️ is piqued at the proposed investment strategy review of AIMCO! This is the real "no shit" moment for Travis.…
@SPhillipsAB has quote of the day with:

"Phillips said Albertans deserve clear communication from the finance minister and open consultation on any potential changes to the investment fund."

Yup. And, we also deserve to know what Kevin has been lobbying Travis on. #ABLeg
And, piling on....
"She said the reported losses revealed weaknesses in the governance and oversight of AIMCo, issues which will not be resolved without improved transparency from the province."

Transparency, governance and oversight at AIMCO are teachers' number primary concern
Read 5 tweets
7 Nov
This is your daily pension announcement. The AG opens up a can of whoop-ass for @jkenney and Travis! Here is a page from the AG report where an old series of pension recommendations are being stood down.

Smart like fox: this is a warning to the boys! #ABLeg #spankme Image
These recommendations are from when Horner tried to cut public sector pensions. It never happened and Horner was unemployed in short order anyway.

But, the warning is don't unilaterally mess with pensions to punish unions and push your fascist agenda. #ABLeg
Read the recommendations with an eye to what the GOA did to teachers' pensions:

-consult with stakeholders
-do cost/benefit analysis for any proposed changes
-research effects of plan design on employees
none of this was done with Bill 22
Read 6 tweets
1 Nov
This is your daily pension announcement: The Pension War Room™️ attends the Heritage Savings Trust Fund annual meeting. Well, attended virtually because of COVID. If you want to watch it the recording is below. See Kevin stick-handle! #ABLeg…
The teachers' pension fund came up repeatedly during the meeting, and many thanks to the teachers who submitted questions.

Even though Travis will no longer publicly answer questions about this, it is still a huge issue. #milburned #ABLeg
Watch Kevin in action and you can see if the $2.8 million we paid him was worth it ($3.4 million the year before).

Dale MacMaster the Chief Investment Officer was there as well ($2.9 million last year, $3.5 million the year before).

Dale makes more than Kevin. #ABLeg #nono
Read 16 tweets

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